This is the third study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. It is carried out for ANREV by KTI Finland. This annual project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

The results of this study will also be used to compare management fees of Asia Pacific, European and US funds in a separate study to be published in Q3 2014.

The full report is for members only, please login if you cannot view the downloads below.

CAPITAL RAISING 2014 – PILOT SURVEY

ANREV’s survey of 147 fund managers found that the non-listed real estate industry raised a total of US$132.5 billion of capital globally in 2013 compared to USD86.4 billion in 2012.

Asia Pacific strategy vehicles raised US$20.2 billion in 2013 compared to US$11.4 billion in 2012. The greatest share of this – US$14 billion – was allocated to non-listed funds.

With the rapid growth of the Asia Pacific non-listed real estate market, it is timely to assess how much capital is entering the market and what this figure represents on a global basis. This inaugural annual ANREV report provides information on the amount of institutional equity capital entering the Asia Pacific non-listed real estate market and offers insights into its target strategies, as well as overall global figures.

This survey covers capital raising activities across all Asia Pacific non-listed products including separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. 

The document is a distillation of information provided to ANREV by non-listed property vehicles, as well as publicly available information of other non-listed property vehicles, in order to give a view on the size and composition of the Asia Pacific non-listed property funds market over a particular period of time.

If you have any questions, please contact Henry Lam at [email protected]

本報告書は、ANREV/INREV ファンドマネージャー調査2014 の結果をまとめたものである。同調査は2013 年12 月31 日現在、各ファンド運用会社が取り扱っている運用不動産資産の総額(AUM) に関する内容だ。

調査は３つの部分から構成されている。第１部は不動産に直接・間接的に投資する上場および非上場投資ビークルに対するすべての不動産AUMに関する内容である。第２部は非上場直接不動産投資ビークルに焦点を当てて、ファンド/ 合同運用ファンド、分離勘定、合弁投資、クラブディールについて記載されている。第３部は非上場不動産ファンド/合同運用ファンドについてである。最後に、今回の調査に協力してくださったファンド運用会社のリストが別添として添付されている。

This report outlines the results of the ANREV/INREV Fund Manager Survey 2014. It looks at the total real estate assets under management (AUM) for individual fund managers as of 31 December 2013.

The survey is structured in three parts. Chapter one includes all real estate AUM for non-listed and listed vehicles investing directly and indirectly into real estate. Chapter two focuses on non-listed direct real estate vehicles and includes funds/commingled funds, separate accounts investing directly into real estate, joint ventures and club deals. Chapter three looks in depth at non-listed real estate funds/commingled funds. Finally the appendix includes a list of all fund managers participating in the survey with their AUM.

본 보고서는 ANREV / INREV 펀드 매니저 설문 2014의 결과를 요약한다. 이 설문은 2013년 12월 31일 현재 각 펀드 운용사에 대해 운용 중인 총 부동산자산(AUM)을 살펴본다.

설문은 세 부분으로 구성되어 있다. 1장은 부동산에 직간접적으로 투자하는 상장 및 비상장 투자 수단에 대한 모든 AUM을 포함한다. 2장은 비상장 직접 부동산 투자 수단에 초점을 두고 펀드/ 합동 펀드, 별도 계정, 합작 투자, 클럽 딜을 포함한다. 3장은 비상장 부동산 펀드. 합동 펀드를 상세히 살펴본다. 마지막으로 별첨은 이번 설문에 참여한 모든 펀드 운용사들의 총 AUM 및 목록이다.

펀드 매니저 설문 조사에 관한 전체 리포트는 첨부된 파일을 다운로드 하시기 바랍니다.

A global Investment Intentions survey, jointly carried out by industry associations ANREV, INREV and PREA shows encouraging signs for real estate investment in 2014. Globally 324 investors, fund of funds managers and fund managers participated in the survey of which 142 are institutional investors representing US$7 trillion of assets under management. 

The seventh edition of the Investment Intentions Asia Pacific Survey is marked by a sharply higher number of respondents, with investors now representing more than half of the total respondents. This year, allocations to non-listed property funds will continue to increase. Investors show a slight preference for value added funds, and clear interest in multi country/sector funds suggesting an appetite for increased risk. Japan office is the favourite country/sector combination for investors to invest.

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INREV STYLE DEFINITION ANALYSIS IN ASIA PACIFIC - Testing and Validating the INREV Fund Styles Framework for Asian Funds

The first INREV style definition was released in 2004, then revised in 2007, 2009 and lastly in February 2012, when INREV felt the need to provide new definitions to the industry, in order to be able to compare risks and

performance in funds in Europe. The core funds definition (LTV>40%) was partially derived from ANREV feedback on Japan core funds. ANREV adopted the previous style definition in 2012.

In 2012, ANREV first attempted to review INREV style definition when publishing the Investment Intentions Asia Survey which contains a focus to gain insights from respondents on how risk should be assessed in Asia Pacific. Respondents were asked whether they agreed with the new INREV style classification parameters. Generally respondents appeared to consider the INREV style classification as a good start. The majority of respondents from the survey, agreed that the INREV style classification parameters were relevant when assessing fund styles in Asia, with 94% of investors along with 90% of funds managers and 78% of fund of funds managers.

Respondents believed that in order to create global uniformity the above style classification should be adopted. However, only limited investment strategies should be qualified as core. Some respondents specified that the strategy is much more complicated than the simple classification, for example, Japan generally requires higher leverage even at the core level to produce meaningful returns. As Asia GPs lends itself to more value add type exposure and development, perhaps a wider range on that measure are required. The goal of this paper is to test INREV core definition against ANREV core funds in order to provide context to the ANREV decision to adopt the INREV style definition. Therefore ANREV have collected a dataset comprising detailed information for all core funds in December 2013. This snapshot describes the analysis of the data obtained from the ANREV Fund database.

If you have any questions about the release, please contact Amélie Delaunay at [email protected]